The ownership and use periods do not need to be consecutive.Exceptions to the Two-Year Rule:If you're selling due to a change in employment, health reasons, or other unforeseen circumstances, you may be eligible for a reduced exclusion.In cases of unforeseen circumstances, the IRS may prorate the exclusion based on the time you spent in the home.In your situation, if you sell the property before meeting the two-year ownership and use requirement, you may not qualify for the full exclusion.

In addition to reading the books and going to meet ups, I'd also recommend the BP podcasts.

After that, we split the revenue 50/50.I was interested in a preferred return of 8% for the LP and then a 50/50 split if not 60/40 split favoring the GP for all additional income.Here is my reasoning.

Employment: Both my wife and I are highly paid professionals.

I have a six-figure W2, and I receive stocks gifted to me and bonuses totaling upwards of an additional six figures a year.

If not, then it would be a good addition that could drive some revenue.

In a work/money fix&flip partnership:The silent partner provides $1M.The working partner does all the work, including securing an additional $1.4M in financing for the LLC.The working partner keeps 2% of the capital immediately ($20k).After all rehab, fees, and finance expenses are deducted/repaid, the working partner takes 45% of net profit and silent partner takes 55%.You can assume the working partner has experience and it's not a take the 2% and run scam.

Happy to share any additional insight!

the issue right now is that with both prices and rates high, it is very, very tough to have cash flow unless you're employing some kind of creative and/or hands-on and/or value-add strategy, or combination of strategies. 

If you're looking to take advantage of the tax benefits as a self employed individual AND invest in alternative assets be sure the company you go with also offers that ability.